Russian stocks may rise on oil price growth, foreign background

MOSCOW, Aug 15 (PRIME) -- Russian stocks may increase at the opening on Monday supported by oil price growth and favorable foreign background, analysts said.

“Some growth at the RTS index is possible today at the start of trading under influence of foreign background. Optimism concerning a possible freeze of production volumes by OPEC states is providing support to oil futures,” Olma senior analyst Anton Startsev said.

“At the same time, the movement either of the RTS index or oil futures does not so far allow to speak about stable growth. From the technical analysis positions, the RTS index is close to a resistance zone of 970–975 points,” he said.

The U.S. index futures are growing, the European indices closed mixed, and the majority of Asian indices are increasing, Startsev said.

The Brent oil price grew by 0.9% to U.S. $47.3 per barrel prior to the Russian opening, Finam analyst Timur Nigmatullin said.

“The foreign background indicates that the Russian stocks market will grow at the opening,” Vasily Koposov, head of financial market analysis at KIT Finance Broker, said. The MICEX index can even renew its record high at the start of trading, he said.

Investors will also follow publication of oil major Rosneft’s financial results for April–June under International Financial Reporting Standards (IFRS).

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